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The Blockchain Association led a broad industry push this week, asking Senate Banking leaders to resist efforts that would widen a ban on stablecoin yields beyond what Congress wrote into law.

According to the association, the letter was signed by more than 125 crypto and fintech groups and companies and was sent to lawmakers to warn against reinterpreting the new rules in a way that would also bar exchanges and apps from offering rewards tied to stablecoin holdings.

Preserving Platforms’ Ability To Offer Rewards

The coalition’s argument rests on the text of the GENIUS Act, which was signed into law earlier this year by US President Donald Trump and explicitly bars permitted stablecoin issuers from paying interest or yield directly to holders.

Reports have disclosed that the statute nevertheless leaves room for third-party platforms to provide incentives, a distinction industry groups say is intentional and important for competition.

Banks Call For Closing A Loophole

Banking groups have pushed back hard. A coalition led by the American Bankers Association and other banking trade groups asked Congress to clarify that the prohibition should extend to partners and affiliates, arguing that third-party rewards could circumvent the law and drain deposits from traditional banks.

According to recent coverage, Treasury analyses cited by bank advocates estimate that stablecoins could, in some scenarios, pull over $6 trillion from bank deposits — a figure that has become central to the banks’ case for tightening the rules.

What Industry Leaders Say

Industry spokespeople say expanding the ban would chill new services that rely on stablecoins and would tilt the market toward larger, incumbent financial firms that already control many payment rails.

Based on reports, the Blockchain Association and partner groups contend that changing the law’s interpretation now would reopen negotiations the GENIUS Act resolved and would sow regulatory confusion before agencies finish writing implementing rules.

Competition And Consumer Choice At Stake

Supporters of stronger limits say the aim is consumer protection — to stop stablecoin arrangements from becoming de-facto interest accounts that could undermine the banking system and reduce loans to households and businesses.

Other observers point out the issue could also shape which firms win in payments going forward, since restrictions on rewards would affect the commercial incentives of exchanges and fintechs.

Next Steps In Washington

Senate Banking staff are weighing letters from both sides as they consider potential fixes or clarifying language during upcoming hearings.

Regulators who must implement the GENIUS Act have been urged to issue rules that prevent evasion of the ban, and lawmakers may face pressure to either leave the law as written or to craft narrow changes aimed at banks’ concerns.

Featured image from Unsplash, chart from TradingView

In the financial landscape, Bitcoin stands out as one of the few major assets that have failed to keep pace with broader market gains. This underperformance comes despite strong underlying fundamentals, where its price is being governed by the mechanics of hedging and synthetic leverage rather than the conviction of its holders. Network security remains strong, long-term holders continue to dominate supply, and institutional access has never been broader. 

How This Cycle Looks Different For Bitcoin

There’s no satisfying explanation for one of the strangest market outcomes of the year. An entrepreneur, Bitcoin investor, and founder of Wealth Mastery, Lark Davis, has mentioned on X that Bitcoin is the only asset underperforming, while gold and stocks are printing all-time highs, and 2025 was supposed to be the golden moment for BTC.

Davis highlighted that in 2025, the United States had a pro-BTC administration for the first time in history, and there was demand for the cryptocurrency and peak adoption from institutions and nation-states. Macro conditions turned supportive, and Wall Street has effectively rolled out the red carpet for BTC.

At the same time, Michael Saylor’s Strategy purchased a BTC supply greater than the average daily production of miners. Despite all this bullishness, BTC  is still down 6% from its yearly open and still around 30% below its all-time high. Meanwhile, the rest of the crypto looks worse as altcoins have been crushed, with many down 80% to 90% over the last two years.

The 2026 Bitcoin chart will be the most important to watch. A full-time crypto trader and investor, Daan Crypto Trades, highlighted that Global liquidity is the metric to watch for BTC’s long-term performance. It’s not a holy grail that works every single day, but there are shorter-term deviations right now.

When overlaying global liquidity growth with long-term price performance, it shows that the peaks and troughs align with remarkable accuracy. Daan believes that this BTC setup is more important than a rate cut, and the overall stock market performance will reveal a good signal.

Whale Accumulation While The Market Hesitates

While fear dominates across the market, a whale has been quietly buying BTC since yesterday. Crypto educator Wilberforce Theophilus revealed that over the past 24 hours, more than 2,509.2 BTC, which is approximately $221 million worth of BTC, has been accumulated. 

According to Wilberforce, December 2020 was objectively worse than today, but in January 2021, BTC was $1 and then rallied to $19,000. December 2025 doesn’t stand out as extremely bearish when viewed through a long-term lens. “I have just one piece of advice: HODL and WAIT,” the expert noted.

The price action of Bitcoin over the past week tells a perfect story of its performance this year. The premier cryptocurrency experienced incredible levels of volatility throughout the week, oscillating between the $90,000 and $86,000 range over the past few days.

The latest market evaluation shows that the future of the Bitcoin price might be looking bleaker than mere periods of sideways volatility. According to a prominent cycle, BTC’s price cycle has turned and is entering a bear market.

Bitcoin Cyclical Behavior Depends On Demand Cycles: CryptoQuant

In its latest market report, blockchain analytics firm CryptoQuant has associated the steady decline in Bitcoin price with the fading demand boom. According to data on the on-chain platform, the BTC demand growth has slowed down in the course of 2025, signaling the start of a bear market.

CryptoQuant highlighted that Bitcoin has witnessed three major spot demand waves—triggered by the US spot ETF launch, the US presidential election outcome, and the Bitcoin Treasury Companies bubble—since the bull cycle started in 2023. However, the demand growth has slowed down since early October 2025.

Unsurprisingly, this trend reversal for the demand growth coincides with the October 10 market bloodbath, one of the largest liquidation events in crypto history. The Bitcoin price has since struggled to mount any convincing recovery, falling to as low as $82,000 in late November.

CryptoQuant went on to hypothesize that a key pillar of price support has been removed as most of this cycle’s incremental demand has already been realized. For instance, demand from institutional and large investors is in a downturn, with US-based Bitcoin exchange-traded funds (ETFs) turning into net sellers in 2025’s fourth quarter. 

According to CryptoQuant’s data, the US spot ETF holdings have declined by 24,000 BTC in Q4 2025, which is a far cry from the steady accumulation seen in Q4 2024. “Similarly, addresses holding 100–1K BTC—representing ETFs and treasury companies—are growing below trend, echoing the demand deterioration seen at the end of 2021 ahead of the 2022 bear market,” the blockchain firm added.

Besides the weakening spot demand, the Bitcoin derivatives market has also seen reduced activity and decreased risk appetite. CryptoQuant revealed that BTC’s funding rates have fallen to their lowest level since December 2023, an on-chain signal that suggests the reduced willingness of traders to maintain long exposure; this trend is often associated with bear markets.

Ultimately, the blockchain firm concluded that the Bitcoin four-year cycle hinges more on demand phases—expansions and contractions in demand growth— rather than on the halving event. In essence, a bear market tends to come after the BTC demand growth peaks and topples over.

What Next For BTC Price?

In its report, CryptoQuant revealed that the Bitcoin price structure has worsened in line with the demand weakness. The flagship cryptocurrency is currently trading below its 365-day moving average, a key long-term support level that has historically separated bull and bear phases.

According to CryptoQuant, the downside reference points suggest that the Bitcoin bear market might not be as deep as feared. As in previous bear seasons, the realized price—currently around $56,000—has been identified as the potential bottom.

This implies a possible 55% correction from the latest all-time high, Bitcoin’s smallest drawdown on record (during a bear market). Meanwhile, the market leader has its intermediate support level around $70,000.

As of this writing, the price of BTC stands at around $88,170, reflecting a 3% jump in the past 24 hours.

Blockstream CEO Adam Back publicly rebuked Castle Island Ventures partner Nic Carter after Carter explained why his firm backed Project Eleven, a startup that says it will protect bitcoin and other crypto assets from quantum computing risks.

Back told Carter on X that his posts made “uninformed noise” and that they were “not helping.” The exchange highlighted a sharper split in the Bitcoin community over how loudly to warn about future threats.

Back Calls Out Public Warnings

According to Back, Bitcoin developers are not ignoring quantum risks; the work is happening quietly. He argued the technology is still “ridiculously early” and predicted no real threat for a few decades.

Based on reports, Back welcomed the idea of being “quantum ready” while urging calm in public messaging, saying loud alarms can cause confusion rather than useful action.

Bitcoiners and developers are NOT in denial about defensively doing the r&d to prepare for future quantum computers. But they are just quietly doing research while you make uninformed noise and try to move the market or something. You’re not helping…

— Adam Back (@adam3us) December 19, 2025

Carter pushed back, saying he had been “quantum pilled” after conversations with Project Eleven CEO Alex Pruden and that he invested because he became deeply concerned.

Carter also pointed out that he disclosed his financial stake in a Substack post on Oct. 20, and he accused some developers of being in “total denial.”

He warned that governments are planning for a post-quantum era and called Bitcoin itself a tempting “bug bounty” if the cryptography is left unchanged.

after, obviously, because we wouldn’t have made the investment if we didn’t think quantum was a risk.

— nic carter (@nic_carter) December 19, 2025

Experts Divided On Timing

Capriole Investments founder Charles Edwards told followers that a quantum threat could show up in as little as two to nine years unless networks move to quantum-resistant cryptography.

According to public statements from Ethereum co-founder Vitalik Buterin, forecasting models place roughly a 20% chance that machines able to break today’s public-key cryptography could arrive before 2030, with a median projection nearer 2040.

Vitalik has said no such machines exist today but has urged early preparation because migrating a global system takes years.

Metaculus’s median date for when quantum computers will break modern cryptography is 2040:https://t.co/Li8ni8A9Ox

Seemingly about a 20% chance it will be before end of 2030.

— vitalik.eth (@VitalikButerin) August 27, 2025

Other voices are less alarmed. Multimillionaire investor Kevin O’Leary said he doubts breaking Bitcoin with quantum computing would be the best use of the technology, arguing it would deliver more value in fields like medical research.

Such comments show how views vary not only on timing but also on the practical incentives behind a quantum attack.

Research, Migration, And Market Signals

Technical specialists point out one clear fact: there is currently no quantum computer capable of breaking Bitcoin’s cryptography.

That fact has not stopped investors from placing bets on startups that claim to build protective tools.

Castle Island’s investment, which resurfaced on social media recently, spurred fresh debate about transparency and whether public warnings help or harm the ecosystem.

Featured image from Quartz, chart from TradingView

Cryptocurrency exchange ByBit has announced that it is relaunching a crypto platform in the United Kingdom two years after pausing its operations. The Dubai-based firm wound down its services in late 2023 as the UK’s Financial Conduct Authority (FCA) imposed stricter financial promotion regulations. 

Bybit To Offer 100 Spot Trading Pairs To UK Users

In a press release dated Friday, December 19, ByBit disclosed that it is reentering the UK’s crypto scene after its exit in 2023. According to the report, the exchange’s new UK platform will be offering spot trading on 100 digital asset pairs and peer-to-peer (P2P) trading.

This new launch represents a return for Bybit who paused its operations in the United Kingdom in September 2023 due to the new FCA marketing rules that were set for enforcement later in October that year. These new rules, which centered around solicitation and a cooling-off period for first-time investors, came at a time when the global crypto regulatory landscape was only just starting to take shape.

In its announcement, Bybit said that its fresh UK operations follow rigorous anti-money laundering (AML) and know-your-customer (KYC) standards and comply with the region’s financial promotion requirements. This was achieved through an arrangement with Archax, the first FCA-approved digital asset exchange, brokerage, and custodian in the UK.

Mykolas Majauskas, Bybit’s senior director of policy, said in a statement: 

Our goal is to give UK users reliable access to global opportunities in digital assets. The UK is home to one of the most sophisticated financial ecosystems in the world, and its clear regulatory direction makes it an ideal environment for responsible innovation. In the months ahead, we aim to embody this innovative spirit by introducing new products tailored to the needs of UK users, always within a framework that prioritises transparency, and compliance.

Bybit’s return to the UK’s cryptocurrency market appears to be strategic, as the region continues to make huge strides in terms of growth and adoption since the turn of the decade. The FCA recently estimated that 8% of adults in the United Kingdom now own crypto assets. 

It is worth noting that this ownership figure appears to be declining, having stood at 12% a year ago. While the drop marks the first dip in overall crypto ownership numbers in the last four years, the current figure is still double the level seen as of 2021.

Total Crypto Market Capitalization

As of this writing, the total crypto market capitalization stands at around $2.95 trillion, reflecting a 0.07% jump so far on Saturday, December 20. According to data from TradingView, the digital asset market has declined by over 2.6% decline in the past week.

The XRP price action is back in focus as an analyst outlines a clear strategy for managing gains in the current market structure. Although XRP has been trending downward for the past few months, the analysis highlights the potential for a recovery and a strong upward move soon. With the price already reacting from a key technical area, the crypto analyst draws attention to a defined upside range where taking profit may offer the most favorable risk-to-reward ratio.  

The Best Take Profit Zone For XRP

XRP analyst Protechtor has released a fresh update on price action, outlining the best profit-taking range in the event of a potential upward move. In his post on X, he explained that the altcoin recently completed a liquidity grab on Coinbase that perfectly filled the anticipated wick. This move confirms a key technical level and marks a reaction from the bottom of a running flat Elliott Wave formation that has been in focus for some time.

Protechtor points out that the reaction from this level opens the door for a short-term upside move if momentum continues to build. From a trading perspective, this area supported a lightly leveraged long position with a cap of 5x or less. Risk management remains a central part of the setup, with the analyst setting a clear stop level near $1.60 to invalidate the idea if the price weakens further.

In his accompanying chart, Protechtor predicts potential upside targets as XRP attempts to recover from its bearish trend. The analyst highlights the region between $2.50 and $2.68, identified by the red resistance line on the chart, as the optimal area to take profit. This range aligns with prior market reactions and represents a zone where upside momentum may begin to fade. Additionally, with the token trading around $1.91, a move to the take profit range would reflect a 30.9-40.3% increase. 

The chart also shows the altcoin moving within a large Descending Channel that has guided price action for months. XRP recently tapped the lower boundary of this channel, reinforcing its role as a dynamic zone. The upper portion of the channel also closely aligns with the proposed take-profit range for XRP. 

Analyst Sees Bounce Potential Despite Ongoing Correction

In a previous post, Protechtor revisited his long-term outlook on XRP, noting that a corrective Elliot Wave structure remains in play despite extended market weakness. He believes completing this pattern could spark a strong rally, potentially leading to new all-time highs. 

The analyst stated that XRP is now approaching its 20-month Moving Average. A sustained move below this level would favor bears, as previous bull cycles have not maintained price action under this threshold. While price action has remained choppy since the market peak, Protechtor suggests that bearish pressure appears stretched. As a result, he expects a bounce soon.

US Senator Cynthia Lummis (R-Wyoming), a renowned cryptocurrency advocate, announced on December 19, 2025, that she will not seek reelection in 2026 and will leave the Senate when her term ends in early 2027. Her decision marks the impending departure of a pivotal advocate for digital asset regulation at a time of growing policy activity in Washington.

Lummis Reflects On Senate Career And Crypto Advocacy

In her announcement on X, Lummis explained that the grueling pace of Senate work factored heavily into her choice to exit Capitol Hill next year. 

The 71-year old Republican said:

Deciding not to run for reelection does represent a change of heart, but in the difficult, exhausting session weeks this fall I’ve come to accept that I do not have six more years in me. I am a devout legislator, but I feel like a sprinter in a marathon. The energy required doesn’t match up. 

Lummis first won her Senate seat in 2020 and quickly distinguished herself as a leading voice on digital asset policy. As chair of the Senate Banking Subcommittee on Digital Assets, she partnered with colleagues across the aisle, most notably Democratic Senator Kirsten Gillibrand, on efforts to craft a comprehensive crypto market structure bill aimed at clarifying how digital assets should be regulated and which federal agencies should have oversight. 

Her legislative legacy also includes helping negotiate the GENIUS Act, a landmark legislation that established a federal regulatory framework for stablecoins, giving regulators clearer authority over these widely used digital assets. Although Lummis has not publicly named a preferred successor, her open seat in the deeply Republican state of Wyoming is expected to remain in GOP hands. Potential contenders include Rep. Harriet Hageman (R-Wyoming), and the current governor of Wyoming, Mark Gordon (R-Wyoming).

US Crypto Regulation: Progress And Lummis’ Final Focus

In 2025, the US regulatory landscape for crypto saw meaningful developments. The GENIUS Act successfully passed both chambers of Congress and was signed into law, setting rules for stablecoin issuers and enhancing anti-money-laundering standards.  

Meanwhile, the US Securities and Exchange Commission (SEC) has just recently issued updated guidance to brokers and other intermediaries to clarify how to determine and handle custody of digital assets under existing securities laws,  a move welcomed by many industry participants striving for clarity. 

At the same time, broader efforts to enact a comprehensive crypto market structure bill, which would define regulatory boundaries between the SEC and the Commodity Futures Trading Commission (CFTC), remain in motion, with the Senate Banking Committee targeting early 2026 for markup after delays late in the 2025 session.

With her departure, Lummis plans to focus her final months in Congress on advancing the market structure legislation and other digital asset priorities she has long championed, hoping to cement a legacy of sensible regulation that supports innovation while protecting investors.

BitMEX co-founder Arthur Hayes has predicted that the Bitcoin price could rally to $200,000 next year despite the current crypto market downturn. He also revealed what will spark this parabolic rally, citing recent liquidity measures by the U.S. Federal Reserve. 

Arthur Hayes Predicts Bitcoin Price Will Reach $200,000 Next Year

In his latest Substack post, Hayes declared that the Bitcoin price will quickly reclaim $124,000 and rally towards $200,000 next year as the market equates the Fed’s Reserve Management Purchases (RMP) to quantitative easing (QE). The crypto founder expects the Fed’s RMP to inject significant liquidity into the market next year, sparking a parabolic BTC rally.  

The Fed had announced, following the FOMC meeting earlier this month, that it would purchase Treasury bills starting December 12 and acquire up to $40 billion in Treasury bills within 30 days. However, the Fed has noted that this move doesn’t qualify, although Hayes and other market experts disagree. 

The BitMEX co-founder remarked that the current misguided belief that RMP isn’t QE in terms of credit creation, and the uncertainty about RMP’s existence post-April next year, are the reasons he expects the Bitcoin price to chop between $80,000 and $100,000 until the new year begins. 

However, the chop would end as the market equates RMP to QE, sparking the Bitcoin rally to $200,000. Hayes stated that March 2026 will mark the peak in expectations for the RMP’s ability to ramp asset prices, causing BTC to decline and form a local bottom well above $124,000. 

Meanwhile, the BitMEX co-founder noted that $40 billion is great, but much less in 2025 than in 2009, based on the percentage of dollars outstanding. As such, he remarked that the market cannot expect its credit impulse at current financial asset prices to be as impactful. 

BTC Still At Risk Of Dropping To $56,000

In a report, on-chain analytics platform CryptoQuant predicted that the Bitcoin price could still drop to as low as $56,000 as the market transitions into a bear market. The firm stated that the downside reference points suggest a relatively shallow bear market and that historically, bear market bottoms have aligned with the realized price, which is currently near $56,000. 

Meanwhile, CryptoQuant stated that the intermediate support is expected around the $70,000 level. The firm’s bear market thesis for the Bitcoin price is premised on the fact that BTC’s demand growth has “decisively slowed.” They further revealed that the demand growth has fallen below trend since early October 2025, indicating that the bulk of this cycle’s incremental demand has already been realized. 

At the time of writing, the Bitcoin price is trading at around $88,400, up almost 2% in the last 24 hours, according to data from CoinMarketCap.

Over the last week, Bitcoin recorded waves of significant correction, reaching a price bottom of $85,000 as broader financial markets also tumbled in fear of an impending economic recession. As many are opting to exit their investments, recent on-chain data show that the current tumultuous market presents an ideal accumulation opportunity for risk-seeking Bitcoin investors.

Accumulation Zones – Stressful In Real Time, Rewarding Long-Term: Analyst 

Q4 2025 has largely been an enduring period for most Bitcoin investors. After attaining a new-time high of $126,100 in early October, the leading cryptocurrency has struggled with further price growth, but rather succumbed to strong selling pressure to decline by 30.1%. However, Bitcoin’s latest price drops pushed the market into new dynamics favorable for investors with high risk tolerance, based on historical data from the MVRV percentile metric.

For context, the Bitcoin MVRV (Market Value to Realized Value) compares Bitcoin’s current market capitalization to its realized capitalization (the value of coins at their last on-chain movement), showing whether BTC is over- or undervalued. Raw MVRV can be hard to compare across cycles. Therefore, the MVRV Percentile ranks current MVRV against its historical distribution (0–100), making it easier to judge extremes across different cycles, where high percentiles indicate overheated markets, low percentiles suggest capitulation.

Using this metric, seasoned market analyst RugaResearch explains that the present MVRV percentile falls within 0-10%, a range that is usually associated with heavy investor capitulation and market losses as fear gripped the market. However, the crypto expert also observed similar market situations to have served as ideal entry points to an exponential price rally.

For example, Bitcoin MVRV dropped below 10% when prices crashed to around $200-$300 in 2015, after the Mt.Gox black swan event, spreading waves of pessimism among investors, some of whom might have expected a total regulatory ban. However, the premier cryptocurrency surges in the following months with heavy traction, reaching a peak price of $20,000 in 2017 to represent a 10x gain. 

RugaResearch also references a more recent example after BTC slumped to $15,000 following the FTX collapse in 2022, which was heralded by other events, including the collapse of the Terra Luna Ecosystem, and businesses such as Celsius and Three Arrows Capital. Despite the heavy market fear during this period, Bitcoin would record another resurgence to double its price within the following year.

Related Reading: ‘Think Again’ Before Selling Your XRP; Expert Tells Investors Bitcoin Set To Boom?

At the time of writing, Bitcoin trades at $88,200 after a price gain of 0.54% in the past day. However, its performance on the weekly and monthly charts reports losses of 2.52% and 3.52%, respectively, as many investors remain underwater, and others exit the market. Nevertheless, RugaResearch explains that recent retail capitulation represents an ideal “high-risk, high-reward” zone considering the MVRV Percentile that is less than 10. The analyst nudges investors to get aggressive with accumulation to benefit from the next explosive upside move. 

Сезон альткоинов никогда не заканчивается, но трейдеры иногда пропускают его сигналы, заявил в ютуб-подкасте сооснователь Bitmex Артур Хейз (Arthur Hayes).

The US Securities and Exchange Commission (SEC) has released new sanctions against Caroline Ellison, the former CEO of Alameda Research, along with Gary Wang and Nishad Singh, former executives of the now-defunct cryptocurrency exchange FTX, as part of a larger case surrounding FTX’s misconduct.

SEC Targets Key FTX Figures In Fraud Case

On Friday, the regulator announced that it has filed proposed final consent judgments in the US District Court for the Southern District of New York concerning Ellison, Wang, and Singh. 

The complaints against Ellison and Wang were initially filed in December 2022, while the allegations against Singh were issued in February 2023.

The SEC’s filings claim that from May 2019 to November 2022, Sam Bankman-Fried and FTX raised over $1.8 billion from investors by misleading them into believing that the exchange was a secure trading platform for cryptocurrency. 

They purportedly claimed to employ sophisticated risk mitigation measures designed to safeguard customer assets and insisted that Alameda Research, a crypto asset hedge fund owned by Bankman-Fried and Wang, was merely another customer without any special advantages.

In stark contrast to these representations, the SEC alleges that Ellison, Wang, and Singh knowingly engaged in actions that exempted Alameda from these risk mitigation protocols. 

Ellison Agrees To 10-Year Ban 

The regulator also claimed that Alameda was granted a virtually unlimited line of credit funded by FTX customer deposits. Allegations further assert that Wang and Singh developed the software code that facilitated the redirection of customer funds from FTX to Alameda, while Ellison reportedly misused these funds in her trading activities.

Additionally, the complaints detail how Sam Bankman-Fried, with the knowledge and consent of Ellison, Wang, and Singh, directed “hundreds of millions of dollars” of customer funds to Alameda. 

The complaint asserts that these funds were used for further venture investments and personal loans to Bankman-Fried and other executives, including Wang and Singh.

In light of these serious allegations, Ellison, Wang, and Singh have agreed to final judgments, pending court approval, without admitting to the SEC’s claims. 

They consented to be permanently barred from violating the antifraud provisions outlined in Section 10(b) of the Securities Exchange Act of 1934, as well as Rule 10b-5 and Section 17(a) of the Securities Act of 1933. 

Ellison, who had a romantic relationship with FTX’s former CEO, specifically agreed to a 10-year ban from serving as an officer or director of any public company, while Wang and Singh accepted an 8-year ban.

At the time of writing, FTX’s native token, FTT, is trading at $0.5086, having recorded a notable 6% surge following the SEC’s statement on the matter. However, the cryptocurrency remains far below the highs it reached just before the exchange’s collapse, sitting at 99.3% of its record high. 

Featured image from DALL-E, chart from TradingView.com 

Рыночная капитализация стейблкоинов, номинированных в евро, преодолела отметку в $1 млрд, показав рост более чем на 100% с начала 2025 года, сообщили аналитики платформы Token Terminal.

Сейм Польши, нижняя палата Национального собрания Республики, преодолел президентское вето и большинством голосов принял Закон о рынке криптоактивов, сообщают местные СМИ.

On-chain analytics firm Santiment has shared the data about how Bitcoin, Ethereum, and other top coins compare in Total Amount of Holders.

Ethereum Beats Bitcoin, Dogecoin, & Others In Total Amount Of Holders

In a new post on X, Santiment has talked about where the Total Amount of Holders indicator stands for Bitcoin, Dogecoin, and other coins in the cryptocurrency sector today. This metric measures, as its name suggests, the total number of addresses carrying a non-empty balance on a given network.

When the value of this indicator rises, it can be a sign that new investors are joining the blockchain and/or old investors who sold earlier are making a return. The trend can also arise from existing holders creating multiple wallets for accounting or privacy purposes.

In general, all of these factors can be assumed to simultaneously be in action whenever the Total Amount of Holders registers an increase. As such, some net adoption of the cryptocurrency can be considered to have occurred.

On the other hand, the metric going down implies some investors have cleaned out their wallet balances, potentially because they have decided to exit the blockchain.

Now, here is the chart shared by Santiment that shows the trend in the Total Amount of Holders for eight different cryptocurrencies:

As displayed in the above graph, Ethereum is the most dominant cryptocurrency in terms of the Total Amount of Holders, with the metric sitting at 167.96 million. Bitcoin, the next largest network, only hosts a userbase that’s a third of ETH’s (about 57.62 million addresses).

Ethereum’s dominance could be down to the fact that the blockchain hosts a vibrant ecosystem of layer two blockchains and decentralized finance (DeFi) applications, made possible by its smart-contracts system.

The gulf between Bitcoin and third place is again massive, with the stablecoin USDT having 9.63 million non-empty wallets. From USDT on, however, the altcoins are much closer to each other.

Dogecoin and XRP are the cryptocurrencies with the fourth and fifth largest holder counts on the list with the indicator having a value of 8.13 million and 7.41 million, respectively.

From the chart, it’s visible that while Bitcoin has seen a more or less flat trajectory in the Total Amount of Holders during the last year, Ethereum has only been witnessing growth, extending its lead.

The adoption trend for ETH is also visible from another indicator shared by the analytics firm, known as the Network Growth. This metric keeps track of the new addresses appearing on the blockchain.

As is apparent from the chart, the Ethereum Network Growth has spiked recently. “The #2 market cap is seeing an average of 163K new addresses per day, compared to 124K in July,” noted Santiment.

BTC Price

At the time of writing, Bitcoin is trading around $87,500, down 2% over the last week.

Polish lawmakers have reportedly halted discussions on crypto legislations until January after the parliament’s lower house, the Sejm, voted to pass a nearly identical version of a bill that was vetoed by Poland’s president earlier this month without changes.

Poland’s Sejm Passes Controversial Crypto Bill

On Friday, local news media outlets informed that the Polish Senate hit the brakes on the controversial Crypto-Asset Market Act, following the Sejm’s recent vote to pass “version 2.0” of the legislation.

According to the reports, more than half of the members of the lower chamber voted to pass the revived version of the bill on Thursday, leaving its fate in the hands of the Senate and then the President, who has strongly opposed to the legislation.

As reported by Bitcoinist, Poland’s President Karol Nawrocki vetoed the Crypto-Asset Market Act at the start of the month due to concerns of a potential exodus of startups and overregulating the sector with the “legal mess” proposed by the Polish government.

On December 1, President Nawrocki refused to sign the bill, first introduced in June, which aimed to establish strict rules on the crypto assets market. He argued that the legislation it could pose a real threat to the freedoms of Poles, the stability of the state, and market innovation.

The local crypto community had raised concerns about the bill in September, affirming that it exceeded the European Union (EU)’s minimum regulatory requirements and could drive small businesses and startups abroad.

The parliament attempted to override the President’s veto, but ultimately failed after being unable to secure the required three-fifths majority vote to overturn the presidential decision.

Nonetheless, the part of the ruling coalition in the Sejm reintroduced the bill a week later without allegedly amending any of the controversial policies, raising more concerns among crypto industry players and community members.

Senate Delays Decision Until January

According to the reports, the Senate had initially planned to pass the bill “at an express pace” before the end of the year. However, the Deputy Finance Minister Jurand Drop raised concerns about the intention to pass the legislation with no further revisions.

Deputy Minister Drop pointed out that the Sejm had introduced only one change to the proposal, a lower fee for entities intermediating in crypto trading, despite the government’s disapproval of the current text.

“This amendment, which was introduced during the Sejm vote and which the government disagrees with, concerns the level of fees paid to the Polish Financial Supervision Authority (KNF) by entities in the crypto-asset market. The fee has been reduced from 0.4% to 0.1%,” Drop explained.

“Other market segments have fees of a maximum of 0.5%; for this market, the government has proposed 0.4%. Although the KNF’s projections indicate that these fees will not exceed 0.1%, and in the first year, they will not be collected at all, the question remains what will happen if this market grows and, as a result, the fees are forced to exceed 0.1%,” he added.

On Friday morning, the Senate Budget and Public Finance Committee discussed the recently passed bill and the Ministry of Finance’s concerns. The committee chairman, Senator Kazimierz Kleina, suggested that the committee review this modification calmly.

Therefore, he withdrew the motion to pass the bill without new changes and suspended the discussions on the bill, affirming that the Sejm’s amendments “will have to be carefully considered.” Ultimately, Chairman Kleina scheduled to resume work on the legislation during the January Senate session.

The legal troubles surrounding the collapsed Terraform Labs persist despite the recent sentencing of its founder, Do Kwon, to 15 years in prison by US authorities. Following Kwon’s conviction, the company’s bankruptcy administrator has initiated a lawsuit against Jump Trading.

Terraform Labs Files $4 Billion Lawsuit

On social media platform X (formerly Twitter), the Office of the Terraform Labs Plan Administrator announced that it is pursuing a $4 billion lawsuit against Jump Trading. 

The lawsuit accuses the firm of engaging in “illicit market manipulation, self-dealing, and misuse of assets,” all of which allegedly enriched the company at the expense of unsuspecting investors. 

The administrator emphasized that this legal action aims to recover lost value for creditors and hold Jump accountable for exploiting the Terraform ecosystem.

The demise of Terraform Labs in 2022 began when its stablecoin, TerraUSD, lost its dollar peg, triggering a catastrophic sequence of events that devalued its sister token, Luna. 

This collapse wiped out approximately $40 billion in value, affecting investors globally and initiating a ripple effect throughout the cryptocurrency industry. Notably, Terraform Labs’ turmoil also contributed to the eventual failure of Sam Bankman-Fried’s FTX exchange.

In response, a Jump Trading spokesperson stated that the lawsuit is a “desperate attempt by Terraform Labs” to deflect blame and financial liability for Kwon’s actions. The spokesperson asserted their intention to vigorously contest what they described as baseless claims.

Kwon’s Potential Second Trial In South Korea

Last week, it was reported that Do Kwon had pleaded guilty to charges involving conspiracy to defraud and wire fraud. Kwon admitted to misleading investors about the stability of TerraUSD.

During his sentencing, US District Judge Paul A. Engelmayer pointed out that Kwon had repeatedly deceived investors who had placed their trust in him, describing the fraud as one of “epic, generational scale.” 

Kwon expressed remorse in court, mentioning that he had spent considerable time reflecting on his actions and contemplating how to make amends. Prosecutors alleged that when TerraUSD fell below its $1 target in May 2021, Kwon misled investors into believing that a computer algorithm would restore its value. 

Meanwhile, court documents revealed that he had arranged for a trading firm to secretly purchase millions of dollars’ worth of the coin to artificially inflate its price. Yet, the legal issues for Kwon are far from over. 

South Korean officials indicated that he could face a second trial and additional sentences should he be extradited after serving part of his US sentence. There are expectations that the Terraform Labs co-founder may apply for the International Prisoner Transfer Program once he completes half of his 15-year term.

This potential extradition poses a significant threat, as Kwon faces multiple charges related to violations of the Capital Markets Act in South Korea, where there are over 200,000 reported victims and estimated losses exceeding $204 million. 

With ten alleged accomplices already on trial in South Korea, authorities believe that prosecuting Kwon domestically would be essential in compensating local victims. A guilty verdict in his home country could lead to a sentence exceeding 30 years, according to a senior prosecutor’s statement.

At the time of writing, Luna Classic (LUNC) is trading at $0.00004010, having recorded losses of 17% over the past week. However, the token has increased in value by 28% over the past month, following Kwon’s sentencing hearing which boosted the price of the cryptocurrency. 

Featured image from DALL-E, chart from TradingView.com 

US President Donald Trump’s public crypto moves have sharply changed how lawmakers and industry leaders view digital assets, according to Cardano founder Charles Hoskinson.

He says a memecoin launch tied to the president, coming just days before his return to the White House, helped turn a once-bipartisan push for basic crypto rules into a political hot potato.

Political Optics Shift Quickly

According to Hoskinson, crypto had been building bipartisan momentum and a bill known as the Clarity Act looked likely to win broad support — with around 70 senators expected to vote in favor at one point.

That momentum faded when the market saw the president enter the arena with his own token, Hoskinson said, making it politically risky for many Democrats to back crypto measures.

CHARLES HOSKINSON: TRUMP’S MEMECOIN DERAILED CRYPTO REGULATION

Charles Hoskinson says crypto was on track for a bipartisan regulatory win, until TrumpCoin changed the optics.

According to Hoskinson, the CLARITY Act was expected to pass with broad support in late 2024. Around 70… pic.twitter.com/zpA7TRilqV

— CryptosRus (@CryptosR_Us) December 19, 2025

Strong Language

Hoskinson called the subject a “third rail,” meaning politicians and many industry figures avoid it because it brings big political risk.

He told reporters that, in his view, the launch of the memecoin changed how the public and lawmakers linked crypto to one political figure, a shift that made clean rule-making harder.

Silence Inside The Industry

Reports have disclosed that many crypto executives kept their distance from public criticism. Hoskinson said industry leaders feared losing access to policy talks or being shut out of private meetings if they spoke out.

That worry, he argued, led to a quiet industry response even as the rules debate grew more urgent.

Timing And Rule Order Raise Concerns

Hoskinson also criticized earlier projects connected to the president, including World Liberty Financial, and questioned the timing of launching a commercial crypto product while influence over policy was possible.

“You shouldn’t launch a product first and then make the rules,” he said, arguing that regulations should come before big political actors push private ventures into the market.

What This Means For Lawmakers

Based on reports, the fallout has made committee work and markups more fraught. Lawmakers who once saw an opportunity to write clear rules now face greater political cost from appearing to side with one high-profile figure. That dynamic could push the timetable for formal votes and hearings further out, officials and analysts say.

Hoskinson framed his critique as a warning about mixing personal ventures and political power at a moment when the industry needs steady rules.

Whether his view will change the debate is uncertain. What is clear is that linking crypto to a single political brand has complicated efforts to secure broad legal ground rules, and that may slow a process many in the market had hoped would be straightforward.

Featured image from Getty Images, chart from TradingView

Bitcoin is navigating heightened volatility as it trades around a critical support zone, with market participants increasingly questioning whether the price is aligned with underlying network fundamentals. While short-term price action remains choppy, on-chain indicators suggest that the deeper story may lie beneath the surface.

A recent CryptoQuant chart highlights Bitcoin’s NVT Golden Cross, smoothed with a 100-day moving average, offering a clearer lens through which to evaluate the relationship between market valuation and on-chain activity.

The Network Value to Transactions (NVT) ratio is often described as Bitcoin’s equivalent of a Price-to-Earnings multiple. Instead of corporate earnings, transaction volume serves as the proxy for economic output. In simple terms, the metric seeks to answer a fundamental question: Is Bitcoin’s market capitalization justified by the amount of real economic activity taking place on the network?

When valuation expands faster than transaction volume, the market may be overheating. Conversely, when price lags behind network usage, it can signal undervaluation or excessive risk aversion. The NVT Golden Cross refines this framework by comparing short- and long-term trends in the ratio, helping identify periods when price diverges meaningfully from fundamentals.

NVT Golden Cross Signals a Structural Valuation Reset

CryptoQuant analyst Moreno emphasizes that the most valuable signals from the NVT Golden Cross tend to appear during deep negative deviations, when market psychology and fundamentals diverge sharply. In the current cycle, the indicator fell to a historically depressed level near -0.58, a zone that goes beyond simple bearish sentiment.

According to the analysis, this level reflects a structural undervaluation of the Bitcoin network, where price compression outpaced any meaningful decline in on-chain economic activity.

Such conditions are typically observed during phases of forced deleveraging and elevated risk aversion. In these environments, liquidity exits speculative positions aggressively, pushing prices lower even as the underlying network continues to process transactions at relatively stable levels. This imbalance creates valuation gaps that have, in past cycles, marked important inflection points rather than definitive market tops.

The key development now is the recovery of the NVT Golden Cross from -0.58 toward approximately -0.32. This move suggests that price is beginning to realign with transaction-driven fundamentals following a sharp valuation reset. However, the indicator remains in negative territory, implying that Bitcoin is still priced conservatively relative to its on-chain utility.

Moreno notes that this setup is consistent with a transition phase, where the market moves from deep undervaluation toward equilibrium. Historically, such periods have aligned with accumulation and more disciplined capital allocation, laying the groundwork for healthier, structurally supported price discovery.

Bitcoin Consolidates Above Long-Term Support as Trend Weakens

The weekly chart shows Bitcoin trading near the $88,000 level after a sharp corrective phase from the cycle highs above $120,000. Price is currently consolidating just above the rising 200-day moving average (green), which sits around the mid-$80,000s and represents a critical long-term trend support. This zone has historically acted as a pivot between sustained bull markets and deeper corrective phases, making the current structure especially important.

Momentum, however, has clearly weakened. Bitcoin has lost the 50-day moving average (blue) and failed to reclaim it on recent attempts, signaling that short- to medium-term control remains with sellers. The slope of the 50-day MA has started to flatten, reinforcing the idea of a transition from expansion to consolidation. At the same time, the 100-day moving average is curling lower, adding overhead resistance in the $95,000–$100,000 range.

Selling pressure increased during the breakdown from the $100,000 area, while the recent bounce toward $88,000 has occurred on comparatively lighter volume. This suggests that buyers are defending support but lack conviction for a sustained reversal.

As long as Bitcoin holds above the 200-day MA, the broader uptrend remains technically intact. However, failure to defend the $85,000–$88,000 zone would open the door to a deeper retracement, while bullish confirmation requires a decisive reclaim of the 50-day moving average with expanding volume.

Featured image from ChatGPT, chart from TradingView.com

Coinbase Global Inc. has sued the states of Michigan, Illinois, and Connecticut in federal court, asking judges to stop state regulators from treating prediction markets as illegal gambling. The exchange says those matters should be regulated by the federal Commodity Futures Trading Commission (CFTC), not by state gaming authorities.

According to Coinbase, prediction market contracts are derivatives that fall under the Commodity Exchange Act, and Congress gave the CFTC the power to police those markets.

The company is seeking declaratory and injunctive relief to prevent what it calls a patchwork of state rules that could bar federally approved products from reaching consumers. Paul Grewal, Coinbase’s chief legal officer, has pushed that argument publicly.

Today @coinbase filed lawsuits in CT, MI, and IL to confirm what is clear: prediction markets fall squarely under the jurisdiction of the @CFTC, not any individual state gaming regulator (let alone 50). State efforts to control or outright block these markets stifle innovation…

— paulgrewal.eth (@iampaulgrewal) December 19, 2025

Why States Stepped In

Reports have disclosed that some states have already acted. Connecticut’s regulators issued cease-and-desist orders to platforms such as Kalshi, Robinhood, and Crypto.com, saying certain event contracts look like unlicensed sports betting under state law. Those actions helped trigger the wider legal fight as firms say they operate under federal rules.

Coinbase is not only arguing in court. The exchange plans to offer event-contract trading to US users through a partnership with Kalshi, a CFTC-regulated platform, with a rollout targeted for January 2026. That timetable is one reason Coinbase says it needs a clear federal ruling now, to avoid being blocked in some states after launching.

Market Reaction And Context

The move comes amid a broader tug-of-war over whether prediction markets are financial products or gambling. Kalshi has faced similar fights in several states, and courts have issued mixed rulings so far. Market watchers say the outcome here could decide whether federally approved event contracts are available nationwide or must be treated state-by-state.

The litigation also landed in investors’ view. Coinbase’s shares fell more than 10% at one point on the same day the suits were filed, though trading moves were also tied to wider swings in crypto prices. Reports link the stock change to both the news and underlying market trends.

If federal judges back Coinbase, the ruling could reinforce CFTC authority and make it easier for platforms regulated at the federal level to operate across state lines. If judges side with the states, companies may face licensing needs in multiple places or be forced to restrict certain contracts in some jurisdictions.

Featured image from Coinbase, chart from TradingView

The crypto market is entering a phase marked by rising uncertainty and persistent selling pressure, as major assets struggle to regain bullish momentum. Bitcoin remains capped below the $90,000 level, repeatedly failing to attract enough demand to flip resistance into support.

At the same time, Ethereum is experiencing heightened volatility and renewed selling pressure, reflecting broader risk aversion across the market. Sentiment has weakened, and price action suggests that investors are becoming increasingly selective rather than aggressively positioning for upside.

However, according to an analysis by XWIN Research Japan, the most important shift currently unfolding in crypto is not visible directly in price charts but in how and where capital is being positioned. On-chain data shows that global liquidity within the crypto ecosystem has not exited the market. Instead, it has changed form.

The total supply of ERC20-based stablecoins has expanded to approximately $160 billion, hovering near all-time highs. While this supply briefly contracted during the risk-off environment of 2022, it has since resumed a clear and sustained upward trend.

This behavior does not signal capital fleeing crypto. Rather, it reflects funds temporarily de-risking while remaining fully inside the ecosystem. Capital is accumulating in stablecoins as “waiting liquidity,” positioned on the sidelines and ready to be deployed once clearer directional signals emerge. Liquidity has not disappeared; it is simply paused, patient, and awaiting conviction.

Japan’s Strategic Position in the Global Capital Shift

The analysis also highlights that this shift in global capital behavior carries meaningful implications for Japan’s crypto market. As regulatory clarity improves and tax frameworks gradually become more accommodating, Japan is positioned to benefit from a return of domestic capital that has remained cautious in recent years.

Combined with renewed interest from individual investors, this re-entry of sidelined capital could deepen local liquidity, improve price discovery, and strengthen Japan’s role within the broader global crypto landscape.

A key element in this transition is the growing relevance of JPYC, Japan’s yen-denominated stablecoin. While US dollar–based stablecoins continue to dominate global crypto flows, a yen-native digital currency offers Japan a strategic differentiator.

JPYC is not limited to speculative trading use cases; it is increasingly viewed as an infrastructure layer capable of supporting real economic activity. This includes integration with Web3 services, as well as domestic and cross-border payment applications that align more closely with Japan’s existing financial systems.

Looking ahead, the report suggests Japan’s crypto market may gradually shift away from a narrow focus on short-term price speculation. Instead, it could evolve into an ecosystem where capital actively circulates and is deployed for practical use cases. Ultimately, how effectively Japan absorbs and channels this globally mobile liquidity will play a central role in defining the market’s next phase of growth.

Crypto Market Tests Structural Support Amid Broad Risk-Off Sentiment

The total cryptocurrency market capitalization is showing clear signs of structural stress after failing to sustain momentum above recent highs. As the weekly chart highlights, total market cap has retraced toward the $2.9–$3.0 trillion zone, an area that now acts as a critical inflection point for the broader market. This level coincides with the rising 100-week and 200-week moving averages, reinforcing its importance as medium- to long-term support.

The rejection from the $4 trillion region marks a decisive shift in market structure. After an extended expansion phase through 2024 and early 2025, the market has entered a corrective regime characterized by lower highs and weakening upside follow-through. Volume behavior supports this interpretation: selling pressure has increased during down weeks, while rebound attempts have been met with comparatively muted participation.

Despite the pullback, the long-term trend has not fully broken. The market remains well above the 2022–2023 base, suggesting this move resembles a consolidation or valuation reset rather than a full structural collapse. However, continued trading below the short-term moving averages indicates that risk appetite remains subdued.

For the bullish structure to reassert itself, the total market cap must stabilize above the $3 trillion threshold and reclaim the mid-range resistance near $3.3–$3.5 trillion. Failure to hold current support would expose the market to a deeper retracement toward the $2.4–$2.6 trillion region, where stronger historical demand previously emerged.

Featured image from ChatGPT, chart from TradingView.com